Core Insights - Ant Group's research division has gained international academic recognition, with 22 papers published in top-tier journals and conferences since 2025, over 85% of which are classified as CCF A-level, focusing on key challenges in large-scale intelligent collaboration in the AI era [1][2] Group 1: Research Achievements - Ant Group's research addresses three major challenges in the AI era: establishing trust in distributed environments, responding to new security threats posed by AI technology, and enhancing the efficiency of large-scale collaborative decision-making [1] - The research results this year focus on blockchain consensus protocols, AI security, and trusted computing, providing new solutions for large-scale intelligent collaboration [1] Group 2: Blockchain Consensus Protocol - In collaboration with Tsinghua University, Ant Group developed the Rondo protocol, which provides secure, fair, and unpredictable "random numbers" for distributed networks with minimal resource consumption, laying the foundation for efficient collaboration among agents without a trusted third party [1] Group 3: Security Frameworks - To address security risks from deep fakes, Ant Group has designed a new learning framework that decouples features such as texture, color, and edges in image information, significantly increasing the difficulty of solving deep fake issues [2] - Ant Group introduced a "key forgetting" mechanism that allows detection models to ignore common forgery traces and focus on deeper forgery features, enhancing the ability to identify and warn against unknown forgery techniques [2] Group 4: Zero-Knowledge Proofs - In collaboration with East China Normal University, Ant Group achieved two key breakthroughs in the field of zero-knowledge proofs, creating the industry's first verifiable graph data query algorithm and the first verifiable federated learning framework (ZKSL), establishing a trusted protocol layer for inter-organizational agent collaboration [2] - These advancements enable rapid generation of verification proofs, ensuring the trustworthiness and efficiency of collaborative decision-making [2] Group 5: Collaborative Mechanisms - Ant Group has established joint laboratories and targeted research projects with universities such as Tsinghua University, Zhejiang University, and East China Normal University, promoting cutting-edge technology exploration and implementation through industry-academia collaboration [2]

近年来，全球金融科技正经历由AI、区块链与Web3驱动的结构性变革。在中国内地市场趋于饱和、竞争白热化的背景下，香港凭借其国际金融中心地位、 灵活监管框架及连接内地与全球的独特区位优势，正加速成为亚洲数字金融创新的核心枢纽。据灼识咨询数据显示，香港金融科技软件开发服务市场于2024 年迎来拐点，规模达90亿元（人民币，下同），并有望以32.3%的复合年增长率，在2029年扩张至363亿元，市场份额同步提升至7.7%。这一跃升不仅源于 央行数字货币（CBDC）、合规资产代币化及监管沙盒等政策红利，更得益于香港作为"数字金融走廊"在"一带一路"及东南亚区域合作中的战略支点作用。 在此关键节点，扎根粤港澳大湾区、深耕银行业数字化转型多年的深圳四方精创资讯股份有限公司(以下简称"四方精创")向港交所主板递交上市申请书，宣 布筹划H股上市，招银国际、国信证券(香港)为其联席保荐人。 业绩表现稳健 据智通财经了解，四方精创(300468.SZ)致力于为中国内地、香港及东南亚地区的银行、监管机构及其他金融机构提供全面的金融科技解决方案，涵盖金融 科技软件开发服务、咨询服务和系统集成服务三大板块。 具体而言，四方精创提供的银 ...

Investment Rating - The report indicates a strong investment rating for the securities industry, suggesting a relative increase of over 10% compared to the CSI 300 index [18]. Core Insights - The meeting held by the China Securities Association on December 30, 2025, focused on "risk prevention, strong regulation, and promoting high-quality development," aiming to clarify the direction of risk management for the securities industry during the 14th Five-Year Plan [7][11]. - A proactive risk management model is being established, transitioning from traditional compliance-based controls to a forward-looking, embedded approach throughout business processes [8]. - The report emphasizes the importance of a comprehensive risk management framework that includes "full coverage and penetrating" self-regulatory rules, particularly for complex businesses like cross-border and derivative transactions [8][9]. - The integration of technology, such as artificial intelligence and big data, is highlighted as a means to enhance risk warning and response capabilities [9][10]. - The establishment of a collaborative risk management ecosystem is proposed, which includes regular communication platforms and industry training to promote information sharing and mutual learning [10]. Summary by Sections 1. Meeting Main Content - The meeting outlined a clear action framework for the next phase of risk management in the securities industry, focusing on proactive risk control and the development of a comprehensive self-regulatory rule system [8]. - The emphasis is on refining existing regulations to enhance their forward-looking and preventive nature, particularly in monitoring complex business areas [8]. 2. Impact on Capital Markets - The proactive risk management approach is expected to significantly enhance market stability and predictability, preventing individual risks from escalating into systemic risks [11]. - A robust risk management system is essential for securities firms to effectively perform their financing intermediary functions, aligning with recent reforms in evaluating investment banking quality [11][12]. - The initiative aims to improve the international reputation and attractiveness of China's capital markets by establishing a comprehensive risk management system that aligns with international standards [12]. 3. Impact on the Securities Industry - Comprehensive risk management capabilities are transitioning from being a cost center to becoming a core competitive advantage, directly influencing business qualifications and capital efficiency [13]. - The focus on technology in risk management is expected to drive increased investment in financial technology, creating differentiated competitive advantages for firms that effectively integrate technology into their risk management processes [14]. - The industry is anticipated to shift from a growth model based on scale expansion to one driven by quality and functionality, emphasizing capital-saving and service-oriented business models [14].

Core Viewpoint - The company, Digital Vision Technology Co., Ltd., is actively exploring advanced technologies in digital copyright management, cloud computing, and blockchain applications, indicating a strategic focus on innovation and market expansion. Group 1: Company Overview - Digital Vision Technology Co., Ltd. was established on March 14, 2000, and is located in Haidian District, Beijing. The company was listed on April 30, 2010, and its main business includes the research, production, and technical services of digital television hardware and software products [7]. - The company's revenue composition includes video technology products and services (34.01%), information service terminals (21.46%), and other segments such as public safety products (8.25%) and financial technology products (6.70%) [8]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 465 million yuan, representing a year-on-year growth of 24.58%. The net profit attributable to the parent company was 24.62 million yuan, with a year-on-year increase of 10.34% [8]. - The company has distributed a total of 370 million yuan in dividends since its A-share listing, with cumulative distributions of 42.83 million yuan over the past three years [9]. Group 3: Technological Innovations - In its 2018 annual report, the company highlighted its exploration of combining copyright protection with new technologies, including blockchain for digital copyright management, which offers advantages over traditional methods such as timely rights confirmation and clear ownership [2]. - The company’s subsidiary, Kuai Shiting, is leveraging blockchain technology to expand its applications in the metaverse, focusing on digital collectibles and new models for digital content sales and marketing [3]. Group 4: Market Position and Trends - The company has a strong presence in traditional DVB network security, with its CAS/DCAS systems holding the most provincial network operator cases and the highest national secret certification level [3]. - The company’s internet financial services include third-party payment solutions, and it has obtained relevant payment licenses, although these services currently do not significantly impact the company's overall performance [5].

一、 功能演进：从匿名撮合到全链路价值创造 现代大宗交易平台的功能已极大拓展，其价值创造贯穿交易全过程。 二、 技术驱动：区块链、AI与数字孪生重塑交易基石 技术是此次变革的根本引擎，它从信用、效率与可视化层面重构了大宗商品交易平台的运作逻辑。 三、 模式创新：期现结合、跨境与绿色交易新路径 在数字经济浪潮与全球供应链重构的双重驱动下，大宗商品交易平台已远非一个简单的线上买卖场所。它正经历一场深刻的范式革命，从对传统现货和期货 市场的补充渠道，演变为整合产业链资源、驱动产业升级的数字化生态核心。这一转变的核心，在于平台利用大数据、区块链、人工智能等新一代信息技 术，将分散的商流、物流、资金流、信息流乃至发票流、价格流"六流合一"，构建起一个高效、透明、安全的全链路服务体系。这种数字化交易模式，不仅 解决了传统贸易中信息不对称、链条冗长、融资难等痛点，更成为提升中国在全球大宗商品市场中定价影响力与资源配置能力的关键基础设施。 全流程风险识别与管理：平台需建立覆盖交易全生命周期的风控体系。这包括针对货权风险，通过物联网技术与第三方监管仓对接，实现货物状态与 权属的实时可视化管理。针对资金风险，通过与银行系统直连， ...

德林控股（01709）公布，比特币矿机正式协议所载的所有先决条件已获达成，且已于2025年12月30日 完成。 于本公告日期，集团已完成（i）向比特大陆收购位于阿曼及巴拉圭的2，448台总哈希率约为0.825 EH/s 的比特币矿机；（ii）向Evergreen Wealth Investment Limited收购位于美国奥克拉荷马州的2，200台总哈 希率约为1.040 EH/s的比特币矿机；及（iii）于后续收购事项中收购位于美国奥克拉荷马州的合共4， 500台总哈希率约为2.129 EH/s的额外比特币矿机。根据集团目前的内部估计及现行比特币网络状况，该 9，148台现有比特币矿机预期相当于指示性合计每日产出约1.72枚比特币，惟须视乎网络难度、比特币 价格、运行时间及其他营运状况而定。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 德林控股（01709）公布，比特币矿机正式协议所载的所有先决条件已获达成，且已于2025年12月30日 完成。 于本公告日期，集团已完成（i）向比特大陆收购位于阿曼及巴 ...

董事会欣然向其股东及市场提供其比特币挖矿业务最新进展。于本公告日期，集团已完成(i)向比特大陆 收购位于阿曼及巴拉圭的2,448台总哈希率约为0.825EH/s的比特币矿机；(ii)向Evergreen Wealth Investment Limited收购位于美国奥克拉荷马州的2,200台总哈希率约为1.040EH/s的比特币矿机；及(iii)于 后续收购事项中收购位于美国奥克拉荷马州的合共4,500台总哈希率约为2.129EH/s的额外比特币矿机。 根据集团目前内部估计及现行比特币网络状况，该9,148台现有比特币矿机预期相当于指示性合计每日 产出约1.72枚比特币，惟须视乎网络难度、比特币价格、运行时间及其他营运状况而定。 格隆汇12月30日丨德林控股(01709.HK)公告，董事会欣然宣布，比特币矿机正式协议所载所有先决条件 已获达成，且已于2025年12月30日完成。 ...

Core Insights - The People's Bank of China has introduced a new action plan to enhance the management and service system for digital currency, with a new digital RMB framework set to launch on January 1, 2026 [1][2] - As of November 2025, the digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [1] - The digital RMB is evolving into a strategic tool that integrates finance, technology, and data, enhancing trade efficiency and national competitiveness [3] Group 1: Digital Currency Developments - The digital RMB's management system and infrastructure will officially start in 2026, indicating a significant step in China's digital currency evolution [1] - The digital RMB has seen substantial adoption, with 3.48 billion transactions and a total transaction value of 16.7 trillion yuan by late 2025 [1] - The digital RMB app has facilitated the opening of 230 million personal wallets, showcasing its growing user base [1] Group 2: Challenges and Opportunities - The article outlines four key challenges faced by central banks regarding digital currency: modern payment tools' impact on monetary control, risks of financial disintermediation, the relationship between digital cash and commercial banks, and the balance between centralized management and decentralized blockchain features [2] - The Chinese government is exploring international cooperation in digital finance, particularly through the mBridge project for cross-border payments with countries like Thailand and the UAE [2] - Predictions suggest that by 2030, the global cross-border payment market could reach $290 trillion, with the RMB's share potentially between 10% and 20%, and digital currency penetration between 20% and 40% [2] Group 3: Blockchain and Industry Growth - As of December 25, 2025, China has registered 74,600 blockchain-related companies, marking a record high in the past five years, with the majority located in South China [3] - The number of existing blockchain companies in China has steadily increased over the past decade, with a notable acceleration in growth since 2019, totaling 289,400 companies by late 2025 [3] - The development of digital RMB is seen as a strategic asset that leverages blockchain technology to enhance trade efficiency and align with national interests [3]

Core Insights - The article emphasizes the importance of a diversified and comprehensive investment strategy system in the competitive landscape of quantitative investment, highlighting Duoer Capital Management's leading position in this field [1] Group 1: Traditional Quantitative Investment - Traditional quantitative investment is a core business area for Duoer Capital, which has developed four key strategies leveraging AI technology and market experience [3] - The multi-factor quantitative strategy integrates over 300 alpha factors, dynamically optimizing and adjusting weights based on market conditions, leading to stable excess returns over the past eight years [3] - The statistical arbitrage strategy identifies pricing discrepancies across markets, executing buy and sell operations to capture arbitrage opportunities, serving as a "stabilizer" in the investment portfolio [4] - The high-frequency market-making strategy utilizes advanced computing infrastructure to provide liquidity for ETFs and futures, capitalizing on minute price fluctuations for stable returns [4] - The macro quantitative strategy enhances the investment portfolio's risk resistance and return stability by adjusting asset allocation based on macroeconomic predictions [5] Group 2: Digital Asset Investment - Duoer Capital adopts a cautious yet proactive approach in the rapidly evolving digital asset space, focusing on "limited participation, risk control first" [6] - The CeFi quantitative strategy involves cross-exchange arbitrage and trend-following to capitalize on market volatility, with strict risk controls to manage drawdowns [6] - The DeFi yield strategy engages in liquidity mining and staking, utilizing a risk assessment framework for smart contracts to mitigate risks [7] - The company also invests in blockchain equity and NFTs, leveraging quantitative models to evaluate NFT asset values and diversify risks [7] Group 3: Strategy Synergy - The investment strategy system is not isolated but achieves synergy through scientific portfolio management, balancing returns and risks [8] - The investment team dynamically adjusts strategy allocations based on market conditions, ensuring stable returns across different environments [8] - Low correlation between different strategies enhances the portfolio's risk resistance, smoothing out return fluctuations [8] Group 4: Technical Support - The success of Duoer Capital's investment strategy system is underpinned by a leading fourth-generation AI investment platform that enhances strategy efficiency and effectiveness [10] - The AI platform supports strategy development, backtesting, optimization, and execution, enabling rapid processing of market data and timely decision-making [10] - The platform's self-evolution capability allows strategies to adapt continuously to market changes, maintaining competitive advantages [11] Group 5: Future Outlook - Duoer Capital aims to deepen innovation and optimization of investment strategies, focusing on the application of cutting-edge technologies like AI and blockchain [12] - The company plans to enhance multi-factor and macro quantitative strategies while exploring new investment opportunities in emerging fields like Web3.0 and the metaverse [12] - By integrating cross-domain strategies and maintaining strict risk controls, Duoer Capital is positioned to lead new trends in quantitative investment [12]

下一步，协会将进一步发挥委员会职能，推动行业不断完善全面风险管理体系，引导证券公司向主动风 控转型，提升行业风险管理水平，助力"十五五"时期证券行业和资本市场高质量发展。 人民财讯12月30日电，2025年12月24日，第八届中国证券业协会风险管理专业委员会首次全体会在北京 召开。委员们一致认为，委员会应紧密围绕"十五五"规划中金融领域战略部署，扎实做好防风险、强监 管、促高质量发展各项工作：一是持续完善自律规则体系。结合市场及行业发展新趋势、新变化，稳步 推进风险管理制度修订，建立覆盖全面、层次清晰、运行高效的自律规则体系。二是加强重点领域风险 防控。聚焦行业风险频发领域，梳理风险管控难点，总结推广先进经验，促进行业风险管理能力整体提 升。三是推动新兴技术在风险管理领域的前沿探索。关注人工智能、区块链等新兴技术对风险管理模式 的深刻影响，持续提升行业应对新型及复杂风险的能力。四是加强行业培训与交流。搭建常态化交流平 台，促进同业交流和风险信息共享，推动形成协同共治的风险管理生态。 ...